Dow, S&P 500 index climb to milestones

The stock market cleared another barrier Thursday in its long recovery from the Great Recession: The Standard & Poor’s 500 index closed above 1,400 for the first time since June 2008.

The Dow Jones industrial average, driven higher like the rest of the market by more good economic news, set a four-year high. It climbed 58.66 points to finish at 13,252.76, its highest close since the last day of 2007.

It was the Dow’s seventh straight gain, its longest streak since February 2011.

The government said applications for unemployment benefits fell last week to 351,000, matching a fouryear low.

Optimism about the job market and the broader economic recovery has driven stocks higher all year. The S&P 500 is up more than 11%, beating its performance for an average year, and the Dow is up more than 8%.

Employers have added an average of 245,000 jobs a month since December.

“We’ve been sputtering for the last couple of days, but now we’re seeing those strong jobs numbers really drive the market higher,” said Joe Bell, senior equity strategist at Schaeffer’s Investment Research.

A separate report Thursday showed that prices paid by wholesalers rose less than expected in February despite a surge in gasoline prices. The producer price index has increased 3.3% in the last year, the smallest gain since August 2010.